During 2020, Rafael Corp. produced 29,520 units and sold 29,520 for $15 per unit. Suppose the accountant for Rafael Corp. uses normal costing and uses the budgeted volume of 49,200 units. Variable manufacturing costs were $6 per unit. Annual fixed manufacturing overhead was $59,040 ($3 per unit). Variable selling and administrative costs were $2 per unit sold, and fixed selling and administrative expenses were $39,360. The company expenses production volume variance to cost of goods sold in the accounting period in which it occurs.

How to do a normal-costing income statement for the first year of operation?